State of Alaska Department of Revenue Reduces Position in Elevance Health, Inc. (NYSE:ELV)

State of Alaska Department of Revenue cut its position in Elevance Health, Inc. (NYSE:ELV) by 10.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,698 shares of the company’s stock after selling 4,816 shares during the period. State of Alaska Department of Revenue’s holdings in Elevance Health were worth $17,266,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of ELV. Norges Bank purchased a new stake in shares of Elevance Health in the 4th quarter valued at approximately $1,135,014,000. Wellington Management Group LLP grew its position in shares of Elevance Health by 42.5% in the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock valued at $2,344,556,000 after buying an additional 1,893,947 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Elevance Health by 81,726.5% in the 1st quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company’s stock valued at $641,355,000 after buying an additional 1,472,712 shares during the last quarter. First Eagle Investment Management LLC grew its position in shares of Elevance Health by 47.6% in the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock valued at $1,189,828,000 after buying an additional 1,039,612 shares during the last quarter. Finally, Orion Portfolio Solutions LLC grew its position in shares of Elevance Health by 6,817.8% in the 4th quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company’s stock valued at $335,254,000 after buying an additional 895,658 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Down 0.4%

ELV stock opened at $375.13 on Wednesday. Elevance Health, Inc. has a one year low of $357.45 and a one year high of $567.26. The stock has a market capitalization of $84.75 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 0.96 and a beta of 0.60. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43. The company has a fifty day moving average of $402.42 and a 200-day moving average of $399.76.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating the consensus estimate of $10.60 by $1.37. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The firm had revenue of $48.77 billion during the quarter, compared to analysts’ expectations of $46.26 billion. As a group, analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s payout ratio is currently 26.69%.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Argus set a $465.00 target price on shares of Elevance Health in a research report on Friday, April 25th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $478.00 target price on shares of Elevance Health in a research report on Wednesday, June 4th. Guggenheim reaffirmed a “buy” rating and issued a $518.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. Finally, Robert W. Baird reissued a “neutral” rating and set a $529.00 price objective (down from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and a consensus target price of $498.87.

Insiders Place Their Bets

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the transaction, the chief financial officer now owns 18,977 shares in the company, valued at approximately $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.29% of the stock is currently owned by company insiders.

About Elevance Health

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.